Get it together for ‘08
December 10, 2007
It’s that time of year when we review our list and check it twice. Buy a doll for little Samantha, order a free-range turkey (and remember to pick it up), organize tax receipts … OK, I don’t mean to be a Grinch, but it is a good time to begin preparing for the inevitable – filing income taxes, that is.
It’s a lot more fun … well, bearable, is more like it … to approach tax time as if it were a game. You can plan, strategize, and even reward yourself for little accomplishments along the way in making the process easier and smoother for yourself and your household. Here are some tips to help put you in the tax spirit:
Keep your receipts together. You can tuck your receipts into a big manila envelope, folder or even a shoe box all year long. Grouping receipts into separate envelopes also makes sense, and makes the whole process easier. For example, I keep insulation receipts in one envelope, property-tax payment receipts in another, and so on.
Make a list. Most of us have to wait on statements from our bank, mortgage company, W-2s, etc., before filing our tax returns. Let’s see a show of hands … how many of us have gotten an interest statement or W-2 after our tax return was filed? Hmmm? To keep this from happening, simply cross off each statement from your checklist as you get it in. This will eliminate any uncertainties, and speed the filing process.
Take stock of your life. Did your life circumstances change during the year? For example, marriage, divorce, having children, even moving can have an impact on your filing status and withholding. Head down to human resources before the year is over and make sure they have your current information on file.
If you follow these tips, success in filing your taxes will be a lot brighter this year.
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Welcome to Tax Talk, hosted by DiB (dye-bee), the Indiana Department of Revenue’s individual income tax guru. DiB, who says she’s been with the Department “since the earth cooled” (though it’s actually 30+ years), writes and develops Indiana’s individual income-tax instruction booklets and forms. DiB created Tax Talk to address Indiana individual income tax questions and issues during the filing season. If you would like to submit a question or topic suggestions, please send those to DiB at feedback@dor.in.gov
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